Pinnacle Holdings, LLC — Q3 2025 13F-HR

← Pinnacle Holdings, LLC

Q3 2025 · 13F-HR

Pinnacle Holdings, LLCholdings as filed

Filed 2025-11-12 · accession 0001411784-25-000009

$286.8M

Reported value

246

Positions

2025-09-30

Period end

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The Brief · Pinnacle Holdings, LLC · Q3 2025

AI · grounded in 13F

Pinnacle Holdings, LLC established a new position in SPDR Dow Jones Industrial Average valued at $11.89M. The fund also initiated new stakes in The Goldman Sachs Group for $7.25M and Freddie Mac FMCC for $6.67M. Additional new positions include Microsoft Corporation MSFT at $5.56M and Antero Midstream at $5.46M.

Holdings as filed

CUSIP	Ticker	Issuer	Value	% port.	Shares	Class	Voting
78467x109	—	SPDR Dow Jones Industrial Average	$11.9M	4.14%	25,638	Common	SOLE
38141g104	—	The Goldman Sachs Group	$7.2M	2.53%	9,104	Common	SOLE
313400301	FMCC	Freddie Mac	$6.7M	2.32%	566,538	Common	SOLE
594918104	MSFT	Microsoft Corporation	$5.6M	1.94%	10,730	Common	SOLE
03676b102	—	Antero Midstream	$5.5M	1.90%	281,034	Common	SOLE
037833100	AAPL	Apple	$5.1M	1.76%	19,842	Common	SOLE
969457100	WMB	Williams Companies	$5.0M	1.76%	79,595	Common	SOLE
149123101	CAT	Caterpillar	$4.4M	1.54%	9,250	Common	SOLE
682680103	OKE	ONEOK	$4.3M	1.49%	58,475	Common	SOLE
55336v100	—	MPLX	$4.1M	1.42%	81,423	Common	SOLE
371927104	GEL	Genesis Energy	$4.0M	1.39%	239,465	Common	SOLE
437076102	HD	The Home Depot	$3.9M	1.37%	9,696	Common	SOLE
02215l209	—	Kinetik Holdings	$3.9M	1.36%	91,133	Common	SOLE
87612g101	—	Targa Resources Corp	$3.8M	1.33%	22,751	Common	SOLE
031162100	AMGN	Amgen Inc	$3.7M	1.31%	13,283	Common	SOLE
46625h100	—	JPMorgan Chase & Co.	$3.7M	1.27%	11,578	Common	SOLE
784730AB9	SSRMCN 2.5 04/01/39	SSR Mining	$3.6M	1.24%	2,530,000	Common	SOLE
01877r108	—	Alliance Resource Partners	$3.3M	1.14%	128,770	Common	SOLE
91324p102	—	UnitedHealth Group	$3.2M	1.11%	9,231	Common	SOLE
29273v100	—	Energy Transfer	$3.2M	1.10%	184,187	Common	SOLE
428103105	HESM	Hess Midstream Partners	$3.1M	1.07%	89,096	Common	SOLE
43785v102	—	Mechanics Bancorp	$3.1M	1.07%	230,379	Common	SOLE
92826c839	—	Visa	$3.0M	1.06%	8,874	Common	SOLE
78408d105	—	SB Financial Group	$3.0M	1.06%	156,909	Common	SOLE
824348106	SHW	Sherwin-Williams	$3.0M	1.05%	8,705	Common	SOLE
69608a109	—	Palantir Technologies	$3.0M	1.05%	16,503	Common	SOLE
y62267102	—	Navios Maritime Partners	$3.0M	1.04%	66,354	Common	SOLE
580135101	MCD	McDonald's Corp	$3.0M	1.04%	9,770	Common	SOLE
025816109	AXP	American Express Company	$2.9M	1.02%	8,845	Common	SOLE
172967424	C	Citigroup	$2.9M	1.02%	28,932	Common	SOLE
72651a207	—	Plains GP Holdings	$2.9M	1.02%	160,073	Common	SOLE
459200101	IBM	International Business Machines	$2.9M	1.00%	10,151	Common	SOLE
67066g104	—	Nvidia	$2.8M	0.98%	15,063	Common	SOLE
293792107	EPD	Enterprise Products Partners	$2.8M	0.98%	89,688	Common	SOLE
55303JAB2	MGPI 1.875 11/15/41	MGP Ingredients	$2.8M	0.97%	2,905,000	Common	SOLE
12135y108	—	Burke & Herbert Financial Services	$2.7M	0.93%	43,289	Common	SOLE
909218406	UNTC	Unit Corp	$2.7M	0.93%	89,040	Common	SOLE
95825r103	—	Western Midstream Partners	$2.7M	0.92%	67,451	Common	SOLE
89417e109	—	The Travelers Companies	$2.5M	0.88%	9,031	Common	SOLE
10922n103	—	Brighthouse Financial	$2.5M	0.87%	46,867	Common	SOLE
313400640	FMCC	Federal Home Loan Mortgage Corp	$2.5M	0.86%	179,580	Common	SOLE
629209305	NMIH	NMI Holdings	$2.5M	0.86%	64,159	Common	SOLE
023135106	AMZN	Amazon.com	$2.3M	0.81%	10,592	Common	SOLE
97717PAD6	WT 3.25 06/15/26	WisdomTree Investments	$2.2M	0.78%	1,705,000	Common	SOLE
442871112	—	Hovnanian	$2.2M	0.76%	105,000	Common	SOLE
598511103	MOFG	MidWest One Financial Group	$2.2M	0.76%	76,743	Common	SOLE
33741h107	—	First United Corp	$2.2M	0.76%	58,976	Common	SOLE
590479135	—	Mesa Air Group Inc	$2.1M	0.74%	1,628,136	Common	SOLE
478160104	JNJ	Johnson & Johnson	$2.1M	0.72%	11,214	Common	SOLE
097023105	BA	The Boeing Company	$2.1M	0.72%	9,611	Common	SOLE
86764p109	—	Sunoco	$2.1M	0.72%	41,450	Common	SOLE
166764100	CVX	Chevron Corporation	$2.0M	0.71%	13,125	Common	SOLE
79466l302	—	salesforce.com	$2.0M	0.71%	8,567	Common	SOLE
64944p307	—	Flagstar Financial	$2.0M	0.70%	50,692	Common	SOLE
49428j109	—	Kimball Electronics Inc	$2.0M	0.70%	67,344	Common	SOLE
438516106	HON	Honeywell International	$2.0M	0.70%	9,510	Common	SOLE
060505104	BAC	Bank of America	$2.0M	0.69%	38,448	Common	SOLE
00170F209	AMG	AMG Capital	$1.9M	0.67%	29,870	Common	SOLE
46817M107	JXN	Jackson Financial	$1.8M	0.64%	18,235	Common	SOLE
163072AA9	CAKE 0.375 06/15/26	The Cheesecake Factory	$1.7M	0.60%	1,745,000	Common	SOLE
819047AB7	SHAK 0 03/01/28	Shake Shack	$1.7M	0.58%	1,760,000	Common	SOLE
477143AP6	JBLU 0.5 04/01/26	Jetblue Airways	$1.6M	0.57%	1,705,000	Common	SOLE
742718109	PG	Procter & Gamble	$1.6M	0.57%	10,601	Common	SOLE
84762laz8	—	Spectrum Brands Holdings	$1.6M	0.56%	1,755,000	Common	SOLE
75970e107	—	Renasant Corp	$1.6M	0.55%	42,976	Common	SOLE
42806j700	—	Hertz Global Holdings	$1.6M	0.55%	230,566	Common	SOLE
64111Q104	NTGR	NETGEAR	$1.6M	0.54%	47,909	Common	SOLE
24664t103	—	Delek Logistics Partners	$1.5M	0.53%	33,350	Common	SOLE
420476103	HWBK	Hawthorn Bancshares	$1.5M	0.52%	47,764	Common	SOLE
29975EAB5	EB 5 12/01/25	Eventbrite	$1.5M	0.52%	1,500,000	Common	SOLE
00402l107	—	Academy Sports & Outdoors	$1.5M	0.51%	29,363	Common	SOLE
174903104	CZWI	Citizens Community Bancorp	$1.5M	0.51%	91,347	Common	SOLE
46434g764	—	iShares MSCI Emerging Markets	$1.5M	0.51%	21,739	Common	SOLE
49456b101	—	Kinder Morgan	$1.4M	0.50%	50,173	Common	SOLE
88579y101	—	3M Co	$1.4M	0.48%	8,941	Common	SOLE
313586109	FNMA	Federal National Mortgage Association	$1.4M	0.48%	113,388	Common	SOLE
05990k841	—	Banc of California	$1.4M	0.47%	54,484	Common	SOLE
185899101	CLF	Cleveland-Cliffs	$1.3M	0.47%	109,624	Common	SOLE
393222AK0	GPRE 2.25 03/15/27	Green Plains	$1.3M	0.46%	1,400,000	Common	SOLE
319835104	FCCO	First Community Corp	$1.3M	0.46%	46,702	Common	SOLE
060505682	BAC 7.25 PERP L	Bank of America	$1.3M	0.45%	1,016	Common	SOLE
649445400	FLG	Flagstar Financial	$1.3M	0.44%	108,245	Common	SOLE
931142103	WMT	Wal-Mart Stores	$1.2M	0.44%	12,126	Common	SOLE
680033107	ONB	Old National Bancorp	$1.2M	0.43%	56,751	Common	SOLE
22410j106	—	Cracker Barrel Old Country Store	$1.2M	0.43%	28,047	Common	SOLE
126128107	CCNE	CNB Financial Corp	$1.2M	0.42%	50,125	Common	SOLE
87484t108	—	Talos Energy	$1.2M	0.42%	125,738	Common	SOLE
178867107	CIVB	Civista Bancshares	$1.2M	0.42%	59,030	Common	SOLE
45781MAD3	INVA 2.125 03/15/28	Innoviva	$1.2M	0.42%	1,227,000	Common	SOLE
477143101	JBLU	Jetblue Airways Corp	$1.2M	0.42%	242,096	Common	SOLE
163851108	CC	Chemours Company	$1.2M	0.41%	74,891	Common	SOLE
505336107	LZB	La-Z-Boy	$1.2M	0.41%	34,490	Common	SOLE
501812AB7	LCII 1.125 05/15/26	LCI Industries	$1.2M	0.41%	1,205,000	Common	SOLE
74467q103	—	PubMatic	$1.1M	0.40%	138,822	Common	SOLE
23204g100	—	Customers Bancorp	$1.1M	0.40%	17,405	Common	SOLE
985817105	YELP	Yelp	$1.1M	0.39%	35,838	Common	SOLE
709789101	PEBO	Peoples Bancorp	$1.1M	0.39%	36,977	Common	SOLE
01446u103	—	Alerus Financial	$1.1M	0.38%	48,999	Common	SOLE
700885106	PKBK	Parke Bancorp	$1.1M	0.38%	49,941	Common	SOLE
710577107	PEBK	Peoples Bancorp of NC	$1.1M	0.37%	34,889	Common	SOLE
687380105	ORRF	Orrstow Financial Services	$1.1M	0.37%	31,230	Common	SOLE
900450206	TBCH	Turtle Beach Corp	$1.0M	0.36%	65,039	Common	SOLE
71103b102	—	Peoples Financial	$1.0M	0.36%	48,476	Common	SOLE
254687106	DIS	Walt Disney	$1.0M	0.36%	8,906	Common	SOLE
03937c105	—	Arcbest Corp	$985,796	0.34%	14,109	Common	SOLE
05990k106	—	Banc of California	$942,390	0.33%	56,942	Common	SOLE
675234108	OCFC	OceanFirst Financial	$900,287	0.31%	51,240	Common	SOLE
d18190898	—	Deutsche Bank	$881,709	0.31%	24,900	Common	SOLE
58933y105	—	Merck	$880,090	0.31%	10,486	Common	SOLE
n3144w105	—	Expro Group Holdings	$867,824	0.30%	73,049	Common	SOLE
909458101	UBOH	United Bancshares	$824,728	0.29%	22,302	Common	SOLE
91851c201	—	Vaalco Energy	$823,364	0.29%	204,817	Common	SOLE
960417103	WLKP	Westlake Chemical Partners	$822,115	0.29%	39,167	Common	SOLE
17275r102	—	Cisco Systems	$786,830	0.27%	11,500	Common	SOLE
43940t109	—	Hope Bancorp	$762,301	0.27%	70,780	Common	SOLE
989701107	ZION	Zions Bancorp	$749,346	0.26%	13,244	Common	SOLE
78464a300	—	SPDR S&P 600 Small Cap Value ETF	$718,465	0.25%	8,105	Common	SOLE
74167b109	—	Primis Financial	$716,950	0.25%	68,216	Common	SOLE
29975e109	—	Eventbrite	$681,909	0.24%	270,599	Common	SOLE
33744v103	—	First US Bancshares	$670,788	0.23%	55,806	Common	SOLE
68389x105	—	Oracle Corporation	$665,695	0.23%	2,367	Common	SOLE
48716p108	—	Kearny Financial Corp	$664,096	0.23%	101,080	Common	SOLE
693149106	PAMT	PAM Transporation Services	$660,231	0.23%	57,915	Common	SOLE
74348a467	—	ProShares S&P 500 Dividend Aristocrat	$655,590	0.23%	6,361	Common	SOLE
191216100	KO	The Coca-Cola Company	$646,089	0.23%	9,742	Common	SOLE
909214306	UIS	Unisys Corp	$636,628	0.22%	163,238	Common	SOLE
174610105	CFG	Citizens Financial Group	$619,686	0.22%	11,657	Common	SOLE
89832q109	—	Truist Financial Corp	$618,134	0.22%	13,520	Common	SOLE
654106103	NKE	Nike	$616,832	0.22%	8,846	Common	SOLE
335834107	FNWB	First Northwest BanCorp	$566,640	0.20%	72,000	Common	SOLE
50187t106	—	LGI Homes	$557,330	0.19%	10,778	Common	SOLE
316773100	FITB	Fifth Third Bancorp	$517,894	0.18%	11,625	Common	SOLE
92343v104	—	Verizon Communications	$495,668	0.17%	11,278	Common	SOLE
09239BAD1	BL 0 03/15/26	Blackline Corp	$487,000	0.17%	500,000	Common	SOLE
679295AF2	OKTA 0.375 06/15/26	Okta	$485,237	0.17%	500,000	Common	SOLE
30231g102	—	Exxon Mobil Corporation	$476,218	0.17%	4,224	Common	SOLE
090043AD2	BILL 0 04/01/27	Bill.com Holdings	$464,750	0.16%	500,000	Common	SOLE
320218100	THFF	The First Financial Corp	$462,256	0.16%	8,190	Common	SOLE
203937107	CWBC	Community West Bancshares	$456,521	0.16%	21,906	Common	SOLE
369604103	GE	General Electric Company	$453,185	0.16%	1,506	Common	SOLE
26942g100	—	Eagle Bancorp Montana	$445,808	0.16%	25,814	Common	SOLE
42806j148	—	Hertz Global Holdings	$412,083	0.14%	110,775	Common	SOLE
516806205	8LP1	Vital Energy	$401,627	0.14%	23,779	Common	SOLE
22266LAF3	COUP	Coupa Software	$400,000	0.14%	500,000	Common	SOLE
410120109	HWC	Hancock Whitney Corporation	$390,186	0.14%	6,232	Common	SOLE
65341b106	—	XPLR Infrastructure	$385,301	0.13%	37,886	Common	SOLE
126600105	CVBF	CVB Financial	$374,475	0.13%	19,803	Common	SOLE
83607a100	—	Sounds Financial	$330,711	0.12%	7,180	Common	SOLE
30303m102	—	Meta Platforms	$314,327	0.11%	428	Common	SOLE
909218125	UNTCW	Unit Corp	$285,738	0.10%	142,869	Common	SOLE
644393100	NFE	New Fortress Energy	$246,468	0.09%	111,524	Common	SOLE
46090e103	—	Invesco NASDAQ 100 Trust	$242,991	0.08%	617	Common	SOLE
57636q104	—	Mastercard Inc	$227,524	0.08%	400	Common	SOLE
464287176	TIP	iShares Barclays TIPS Bond	$226,490	0.08%	2,036	Common	SOLE
74386T105	PFS	Providient Financial Services	$222,939	0.08%	11,563	Common	SOLE
949746101	WMT2	Wells Fargo	$215,585	0.08%	2,572	Common	SOLE
36828a101	—	GE Vernova	$202,917	0.07%	330	Common	SOLE
50077b207	—	Kratos Defense & Security Solutions	$182,740	0.06%	2,000	Common	SOLE
458140100	INTC	Intel Corporation	$177,043	0.06%	5,277	Common	SOLE
74727a104	—	QCR Holdings	$168,073	0.06%	2,222	Common	SOLE
874039100	TSM	Taiwan Semiconductor Manufacturing	$146,348	0.05%	524	Common	SOLE
444717102	HGTXU	Hugoton Royalty Trust	$121,557	0.04%	369,194	Common	SOLE
302520101	FNB	F.N.B. Corporation	$113,865	0.04%	7,068	Common	SOLE
020764106	AMR	Alpha Metallurgical Resources	$113,239	0.04%	690	Common	SOLE
127097103	CTRA	Coterra Energy	$113,189	0.04%	4,786	Common	SOLE
55616p104	—	Macy's	$111,148	0.04%	6,199	Common	SOLE
25179m103	—	Devon Energy Corporation	$108,370	0.04%	3,091	Common	SOLE
220014096	—	McDermott International	$107,899	0.04%	5,422	Common	SOLE
87422q109	—	Talen Energy Corporation	$106,345	0.04%	250	Common	SOLE
40609p105	—	Hallador Energy	$102,625	0.04%	5,244	Common	SOLE
313586752	FNMA	Federal National Mortgage Association	$99,600	0.03%	6,000	Common	SOLE
726503105	PAA	Plains All American Pipeline	$94,854	0.03%	5,560	Common	SOLE
00206r102	—	A T & T	$83,929	0.03%	2,972	Common	SOLE
04010e109	—	Argan Inc	$82,905	0.03%	307	Common	SOLE
345370860	F	Ford	$80,789	0.03%	6,755	Common	SOLE
y8564w103	—	Teekay Inc	$78,798	0.03%	9,633	Common	SOLE
Y27183600	GSL	Global Ship Lease	$78,561	0.03%	2,559	Common	SOLE
y8565n102	—	Teekay Tankers	$74,713	0.03%	1,478	Common	SOLE
31810T101	FINV	FinVolution Group	$72,079	0.03%	9,780	Common	SOLE
204448104	BVN	CIA De Minas Buenventur	$70,241	0.02%	2,887	Common	SOLE
09857l108	—	Booking Holdings	$70,191	0.02%	13	Common	SOLE
760759100	RSG	Republic Services	$69,991	0.02%	305	Common	SOLE
y81669106	—	Stealthgas	$67,465	0.02%	10,300	Common	SOLE
152006102	CGAU	Centerra Gold	$65,711	0.02%	6,124	Common	SOLE
87265h109	—	Tri Pointe Homes	$63,762	0.02%	1,877	Common	SOLE
046353108	AZNN	Astrazeneca	$61,376	0.02%	800	Common	SOLE
37045v100	—	General Motors	$60,665	0.02%	995	Common	SOLE
423403104	MOMO	Hello Group Inc	$58,240	0.02%	7,849	Common	SOLE
46817M206	JXN	Jackson Financial Preferred	$57,310	0.02%	2,200	Common	SOLE
90353t100	—	Uber Technologies	$56,823	0.02%	580	Common	SOLE
78409V104	SPGI	S&P Global Inc	$55,972	0.02%	115	Common	SOLE
y1968p121	—	Danaos Corp	$55,772	0.02%	621	Common	SOLE
55826T102	SPHR	Sphere Entertainment Company	$55,225	0.02%	889	Common	SOLE
y2685t131	—	Genco Shipping	$55,180	0.02%	3,100	Common	SOLE
85208M102	SFM	Sprouts Farmers Market	$54,400	0.02%	500	Common	SOLE
81369y209	—	Health Care Select Sector SPDR	$52,745	0.02%	379	Common	SOLE
80007p869	—	SandRidge Energy	$52,339	0.02%	4,640	Common	SOLE
260557103	DOW	Dow Inc	$47,786	0.02%	2,084	Common	SOLE
974155103	WING	Wingstop	$47,064	0.02%	187	Common	SOLE
05945f103	—	BancFirst Corporation	$45,522	0.02%	360	Common	SOLE
099789646	—	BW LPG Limited	$43,240	0.02%	3,028	Common	SOLE
88339j105	—	The Trade Desk	$43,227	0.02%	882	Common	SOLE
893641100	TDG	TransDigm Group	$40,859	0.01%	31	Common	SOLE
69374H857	CALF	Pacer US Small Cap Cash Cows	$39,314	0.01%	898	Common	SOLE
36266G107	GEHC	GE Healthcare Technologies	$39,202	0.01%	522	Common	SOLE
L00849106	AGRO	Adecoagro SA	$39,153	0.01%	4,994	Common	SOLE
83212B106	—	Shenandoah Telecommunications	$39,119	0.01%	2,915	Common	SOLE
y7542c130	—	Scorpio Tankers Inc	$38,899	0.01%	694	Common	SOLE
81369y506	—	Energy Select Sector SPDR	$38,595	0.01%	432	Common	SOLE
26884l109	—	EQT Corp	$38,117	0.01%	700	Common	SOLE
911312106	UPS	United Parcel Service	$37,171	0.01%	445	Common	SOLE
91325v108	—	Uniti Group	$35,496	0.01%	5,800	Common	SOLE
651639106	NEM	Newmont Mining	$33,724	0.01%	400	Common	SOLE
25459y686	—	Direxion Daily Emerging Markets 3X Bull	$33,507	0.01%	657	Common	SOLE
143816842	—	Star Bulk Carriers	$32,309	0.01%	1,738	Common	SOLE
860630102	SF	Stifel Financial Corp	$32,225	0.01%	284	Common	SOLE
08579x101	—	Berry Corp	$31,960	0.01%	8,455	Common	SOLE
87724p106	—	Taylor Morrison Home Corporation	$31,883	0.01%	483	Common	SOLE
233825207	MBGYY	Mercedes-Benz Group AG	$31,420	0.01%	2,000	Common	SOLE
y0207t100	—	Ardmore Shiipping Corp	$30,886	0.01%	2,602	Common	SOLE
g16962105	—	Bunge Ltd	$30,469	0.01%	375	Common	SOLE
602566309	MIND	MIND Technology	$27,991	0.01%	3,460	Common	SOLE
75282u104	—	Ranger Energy Services	$27,785	0.01%	1,979	Common	SOLE
165167735	EXE	Expand Energy Corporation	$27,697	0.01%	261	Common	SOLE
88031m109	—	Tenaris SA	$27,686	0.01%	774	Common	SOLE
72352l106	—	Pinterest Inc	$25,672	0.01%	798	Common	SOLE
34959e109	—	Fortinet	$25,140	0.01%	299	Common	SOLE
y41053102	—	International Seaways Inc	$24,561	0.01%	533	Common	SOLE
m7s64h106	—	Monday.com	$23,630	0.01%	122	Common	SOLE
665531307	NOG	Northern Oil and Gas	$23,039	0.01%	929	Common	SOLE
26875p101	—	EOG Resources	$22,424	0.01%	200	Common	SOLE
m9t951009	—	Zim Integrated Shipping	$21,788	0.01%	1,608	Common	SOLE
n00985106	—	AerCap Holdings NV	$21,780	0.01%	180	Common	SOLE
g87264100	—	Tecnoglass Inc	$21,077	0.01%	315	Common	SOLE
253393102	DKS	Dicks Sporting Goods	$20,889	0.01%	94	Common	SOLE
302301106	EZPW	EZCORP	$19,040	0.01%	1,000	Common	SOLE
02376R102	AAL	American Airlines Group	$18,377	0.01%	1,635	Common	SOLE
46269c102	—	Iridium Communications	$18,350	0.01%	1,051	Common	SOLE
25460g112	—	Direxion Daily Semiconductor Bear 3x	$17,930	0.01%	3,468	Common	SOLE
202608105	CVGI	Commercial Vehicle Group	$17,505	0.01%	10,297	Common	SOLE
784730103	SSRM	SSR Mining Inc	$15,379	0.01%	630	Common	SOLE
197236102	COLB	Columbia Banking System	$15,238	0.01%	592	Common	SOLE
59001a102	—	Meritage Homes Corporation	$14,486	0.01%	200	Common	SOLE
86887q109	—	SuRo Capital	$11,961	0.00%	1,329	Common	SOLE
808524870	SCHP	Schwab US TIPS	$8,301	0.00%	308	Common	SOLE
695263202	PACW	Pacwest Bancorp	$6,250	0.00%	250	Common	SOLE

Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.